Salem Five Direct Bank Review 2024
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At a glance
CDs
Checking
Savings
About Bankrate Score
Overview
Salem Five Direct is an online bank that offers savers competitive yields.
Highlights
- ATM Fee Refunds
- High APY
- Low Min Deposit
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
Salem Five Direct is best for savers who are comfortable banking online and who are seeking a competitive rate. The bank offers special CDs in addition to savings and checking accounts.
Pros
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The bank offers very competitive annual percentage yields (APYs) on its savings account for all balances — from 1 cent to $1 million.
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It provides generous ATM reimbursement on its checking account.
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Its mobile app is favorably reviewed.
Cons
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The bank offers a smaller selection of CDs than some banks.
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CDs have a much higher minimum requirement to open than many banks or credit unions.
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Salem Five Direct checking and savings customers have to pay a $9.95 bank transaction fee for having a transaction completed in a branch.
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There’s a $10 fee to close your account via the mail.
Salem Five Direct banking products
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 4/19/2024
Salem Five Direct savings overview
The account isn’t available to everyone. You can’t open an eOne Savings account if you have a Salem Five Bank checking or savings account. (You can apply if you have an eOne Checking account.) You also need to apply online for the eOne Savings account.
Pros
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You only need to deposit $10 to open this account.
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The yield is competitive.
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There are no monthly fees.
Cons
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There’s a $10 fee for making more than six withdrawals or transfers during a statement cycle.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Salem Five DirectAPYAPYNational average APYHow do we get this data?
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | $35 |
| Non-sufficient funds fee | $35 |
| Monthly maintenance fee | $0 |
| Out-of-network ATM fee | None |
| Excessive transaction fee | $10 |
About Salem Five Direct
Salem Five Direct is an online division of Salem Five, a bank that was founded in 1855 in Salem, Massachusetts. The division was the first online bank, started in 1995.
Salem Five Direct offers certificates of deposit, savings accounts and checking accounts. Its fees are low, and its rates are competitive.
Bank experience
Salem Five Direct representatives can be reached toll-free by phone, but the bank also has a chat function on its website to help answer customer questions.
Its app has earned positive reviews in the Apple App Store and on Google Play. The app includes Zelle functionality, so you can easily send money to people you know. The app also includes card controls to quickly turn your debit card off within the app should the card go missing or be stolen.
How does Salem Five Direct compare to other banks?
Salem Five Direct vs. UFB Direct
UFB Direct is the online-only division of Axos Bank. It offers similarly high rates on its deposit product, but doesn’t offer the same breadth of financial products and services as Salem Five Direct. As far as deposit products go, UFB Direct only offers a savings account and a money market account. In contrast, Salem Five Direct, offers a wide variety of CDs, checking and savings accounts.
Salem Five Direct FAQs
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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